A recent survey shows the University of Toledo ranked 121 out of 220 for the lowest student debt for four-year public institutions in the US.
Peterson’s, a financial database, collected data in a voluntary financial aid survey from public and private institutions. LendEDU took the results and did a full analysis of the student loan debt of all colleges and universities in the nation.
“The results are based on the average amount borrowed by each undergraduate,” said Chief Executive Officer of LendEDU, Nate Matherson.
Toledo is ranked 48 out of 50 public universities that participated in the survey in Ohio. Overall in the USA, Toledo is ranked 887 out of 1,161 four-year institutions that participated, according to the LendEDU report.
This survey covered undergraduates in the class of 2016 with degrees ranging from Finance to Music Education.
In the same report, UT’s average student debt per borrower is $24,437 for the 2016-2017 school year. This is 12.50% lower from the 2015-2016 school years which was $27,928. Private student loans decreased 21.62% from the 2015-2016 school years, putting UT at an average of $18,357.
However, nationally, Ohio ranks 16 with a student debt load of $29,579 per borrower in public colleges. This is an increase of 0.64% from the 2015-2016 school year LendEDU reported.
“It seems like a decent rate. Better than a lot of other schools,” said fourth-year medical technology student Lillian Way. “Most students are generally in debt after college, but it says something about the school if the students aren’t in too much debt once they graduate. I have debt but it isn’t as bad as other people I know that go to other colleges.”
According to the College Board website, for the 2016-17 school year, college students at in-state public schools paid, on average, $20,090, up 2.6% from $19,570 in the 2015-16 school year.
Furthermore, college students at non-profit private institutions paid, on average, $45,370 last school year, up 3.4% from $43,870 in 2015-16.
“Keeping education affordable is a commitment we have made to our students and their families, and this study confirms we are keeping that promise,” said UT President Sharon Gaber in UT News.